Court records reveal that from 22 March 2014, Mr Davis will have to pay the estate an amount which equates to eight per cent of his annual wages per year up to 2019, the American Lawyer reports. If he fulfils his obligatons, any outstanding debt will be wiped out, according to a promissory note lodged in the US bankruptcy court in Manhatten.
Proposed settlement
The deal forms part of the proposed settlement between Davis, the Dewey estate and XL Speciality Insurance which was responsible for Dewey’s management liability insurance. XL Insurance will pay the estate $19 million dollars which, on top of Davis’s payment, will protect Davis from further claims from the Dewey estate although not from third parties.
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